A more detailed discussion of TransAtlantic's year-end 2013 reserves are available on its website at http://www.transatlanticpetroleum.com/news.aspx. (Please note that 1P PV-10 is a non-GAAP financial measure that is defined and reconciled to the standardized measure later in this press release. 2P PV-10 does not have a directly comparable GAAP measure.)

Reserves Summary

DeGolyer & MacNaughton evaluated the Company's reserves as of December 31, 2013 in accordance with the reserves definitions of Rule 4-10(a) (1)-(32) of Regulation S-X of the SEC.

On a volumetric basis, the Company's proved reserves (1P) increased 6% from year-end 2012 due primarily to the addition of horizontal drilling, improved well performance and successful recompletions. The present value of future reserve-based cash flows discounted at a 10% annualized rate ("PV-10") increased 5% from year-end 2012.

The following is a summary of the Company's estimated net proved, probable, and possible reserves at December 31, 2013 and December 31, 2012:

Proved +

Total

Proved +

Probable +

Proved

Proved

Probable

Possible

Reserves at December 31, 2013

Developed

(1P)

(2P)

(3P)

Oil and Condensate, Mbbls

4,874

9,714

17,834

34,711

Natural Gas, MMcf

10,480

15,150

38,285

119,012

Total Oil and Natural Gas, MBOE (1)

6,621

12,239

24,215

54,547

PV-10 (2), $MM

364.3

592.5

1,113.9

2,396.3

Proved +

Total

Proved +

Probable +

Proved

Proved

Probable

Possible

Reserves at December 31, 2012

Developed

(1P)

(2P)

(3P)

Oil and Condensate, Mbbls

5,151

9,520

17,469

32,696

Natural Gas, MMcf

8,115

12,463

24,608

128,856

Total Oil and Natural Gas, MBOE (1)

6,503

11,597

21,570

54,172

PV-10 (2), $MM

339.2

563.9

1,039.8

2,197.7

(1) MBOE is not included in the DeGolyer & MacNaughton reserve report and was derived by the Company by converting natural gas to oil in the ratio of six Mcf of natural gas to one bbl of oil. A boe conversion ratio of six Mcf to one bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. PV-10 was calculated using an overall weighted average price of $102.07 per bbl and $9.92 per Mcf for December 31, 2013 and an overall weighted average price of $108.30 per bbl and $8.94 per Mcf for December 31, 2012.

(2) The total proved PV-10 value of the estimated future net revenue are not intended to represent the current market value of the estimated oil and natural gas reserves we own. Management believes that the presentation of PV-10, while not a financial measure in accordance with generally accepted accounting principles in the United States ("GAAP"), provides useful information to investors because it is widely used by professional analysts and sophisticated investors in evaluating oil and natural gas companies. Because many factors that are unique to each individual company impact the amount of future income taxes estimated to be paid, the use of a pre-tax measure is valuable when comparing companies based on reserves. PV-10 is not a measure of financial or operating performance under GAAP. PV-10 should not be considered as an alternative to the standardized measure as defined under GAAP. PV-10 of probable or possible reserves represent the present value of estimated future revenues to be generated from the production of probable or possible reserves, calculated net of estimated lease operating expenses, production taxes and future development costs, using costs as of the date of estimation without future escalation and using 12-month average prices, without giving effect to non-property related expenses such as general and administrative expenses, debt service, and depreciation, depletion, and amortization, or future income taxes and discounted using an annual discount rate of 10%. With respect to pre-tax PV-10 amounts for probable or possible reserves, there do not exist any directly comparable GAAP measures, and such amounts do not purport to present the fair value of our probable and possible reserves.

The SEC has generally permitted oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use the terms "estimated ultimate recovery," "EUR," "probable," "possible," and "non-proven" reserves, "prospective resources" or "upside" or other descriptions of volumes of resources or reserves potentially recoverable through additional drilling or recovery techniques that the SEC's guidelines may prohibit us from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of actually being realized by the Company. There is no certainty that any portion of estimated prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the estimated prospective resources.

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